Tether to fight illicit use of stablecoins and help expand dollar hegemony globally
- Tether has reaffirmed commitment to aid law enforcement and regulators in combating crypto-related crime.
- The company will extend sanctions controls to the secondary market to ensure comprehensive security measures.
- Its CEO says the firm seeks to be a world-class partner to the US and push toward expanding dollar hegemony globally.
Tether (USDT) has shared recent letters sent to the members of the US Senate Committee on Banking, Housing, and Urban Affairs and the US House Financial Services Committee.
Tether Releases Letters Shared With The U.S. Senate Committee On Banking, Housing, And Urban Affairs And The U.S. House Financial Services Committee
— Tether (@Tether_to) December 15, 2023
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The letters reaffirm the company’s continuing efforts to assist US law enforcement and regulatory authorities in their efforts to combat terrorist financing and other illicit activities.
It details the company’s Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards, describing its proactive and extensive cooperation with law enforcement agencies worldwide, including the US Department of Justice (DoJ) and the US Secret Service.
It also outlines Tether’s proactive decision to align with the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. With this, Tether will extend sanctions controls to the secondary market to ensure comprehensive security measures.
Tether CEO Paolo Ardoino underscored the firm’s intention to, “…address the concerns raised by US lawmakers,” highlighting the intention to closely collaborate with law enforcement in the US and globally.
It is part of the firm’s intention to be a world-class partner to the US in the efforts to expand dollar hegemony globally.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
